Killer, I agree and disagree. While if both cars were set up the same (to take advantage of torque) the 400+ engine would win. If everything were eaual you are right the 400 "should" make more power and torque.
Now if both cars were built to make the most out of the engine installed the difference would be MUCH less than you think.
A 377 is an RPM engine, they love to spin. Like most large bore short stroke engines.
I agree with Killer that for a street car they are not the best choice. There is a place for them and I know some people love them. I would take a 383 or 400 over them for a street car.